- 29th March 2019
- Posted by: emy
- Category: Media
It has been an interesting week for Bitcoin. A Coindesk analysis starts off by remarking that “Bitcoin (BTC) has once more rebounded from the 30-day moving average, thwarting a bearish move that saw prices drop below $3,920 on Monday.”
It also adds that this sees the leading cryptocurrency, “return from uncertain ground 24 hours ago, having dived out of the $3,920-$4,055 trading range on Monday.”
There were fears that the signs of “bullish exhaustion” might hold and provide an opportunity for a deeper drop below the 30-day moving average (MA) to occur. However, this didn’t occur. Instead, support held for the MA, allowing BTC to climb back to the $4,000 mark. Coindesk’s Omkar Godbole, describes this move as, “Essentially, the cryptocurrency has established a bullish higher low along the key average for the third time this month.”
It would appear that the bears have retreated for the moment and we’re looking at a more bullish scenario, at least in the short term. Yashu Gola at CCN writes that there are some bearish factors looming around the corner that could cut the rally short. These include a decline in trading volume, a bearish divergence area defined by the $4,116-4,251 range and a giant descending trendline.
Over at Cointelegraph, the headlines enthusiastically highlight a “Crypto Market Rally” with BTC being 2.34% up on the day at press time on 27th March. Meanwhile, ETH is up 3.48% on the day, but down 0.16% on the week. And XRP, now the third largest cryptocurrency by market cap, gained 2.57% over the same 24-hour period.
Overall the market has made gains this week, at least so far: the total market cap of all cryptocurrencies was around $142.6 billion on 27th March, representing an increase of $6 billion over the week’s market cap low of $136.4 billion.